Les voix de l'économie par Stéphane Pedrazzi : les résultats d'Edenred
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Questions asked in this interview
9
0:14What was the driver of these results in an environment that wasn't necessarily the most straightforward?
1:21Why should there be a form of caution in an environment that has become more uncertain?
Welcome to Radio Classique. Edenred has just published its annual results. Let me give a few figures: net profit up nearly 3%, 521 million euros, slightly above expectations. Total revenue up more than 6%, and especially an EBITDA — gross operating income — up 11.2% on a comparable basis, when you had a target of minus 10%. What was the driver of these results in an environment that wasn't necessarily the most straightforward?
Yes, we are very happy to post these very strong results with double-digit growth for Edenred's 10th anniversary. The main drivers are first the geographical regions of Latin America and the rest of the world, which are growing at double digits. Only Europe posted weaker growth. And second, Edenred has three major product lines, and mobility, which is our second product line accounting for about 30% of our revenue, is growing at double digits. However, when you look across all countries worldwide, all of our solutions are in high demand. This explains why, in 10 years, revenue has roughly tripled, with a business volume representing nearly 50 billion euros.
Today, you reduced the group's debt last year by nearly a third, minus 31%. Why should there be a form of caution in an environment that has become more uncertain?
Actually, no, you should see it as a desire to prepare to invest even more. Since Edenred's strong results generated a cash flow increase of around 30%, this cash flow is used to reduce our debt level, which represents less than one year of operating profit. What does that mean? It means we are in a position to invest even more and grow the group even faster.
You also presented your outlook for 2026. You anticipate an EBITDA degradation of between 8% and 12% due to a regulatory change on meal vouchers in Italy and Brazil. I should note these are two of your key markets. How will this regulatory change impact you?
This regulatory change will impact us, but only in year one, meaning in 2026, and then we return to a growth trajectory of 8% to 12%. It's about restoring a more balanced pricing policy between merchants and employers. This will be done in 2026, and then we're back on the attack for 8% to 12% growth.
Edenred is not just the meal vouchers that everyone knows. You offer a whole range of prepaid solutions for transportation, gifts, and employee well-being. Do you feel that in sectors that struggle to recruit, this type of offer is a factor of attractiveness, or a way to retain employees as well?
Yes. In fact, it's more than a feeling, it's a reality. Edenred's revenue has tripled in 10 years. That's proof that our fully digital solutions, offered worldwide — since France represents only about 14% of our total revenue — our solutions are in demand worldwide. And they are because they solve an equation that is the main equation for all HR directors worldwide: the ability to attract staff, the ability to retain them, and also the ability to engage them. When you can deploy digital solutions quickly from the first day of work, modular since they are 100% digital, you help HR directors worldwide be more attractive and create engagement and retention among their employees.
Continuing to recruit clients, finding growth, diversifying the offer — that's part of your strategic plan Amplify for the 2025–2027 period. Specifically, what are the growth levers? How are you going to find that growth?
We're going to find this growth by having more users. We have 60 million today, but we'll continue to find more. Why? Because markets are still very underpenetrated. Let me take the example of France. France is a poor cobbler's child. Users of meal voucher solutions represent only 28% in France. That means more than 50% of workers have no alternative solution to the company canteen.
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Dumazy, B. (2026, February 24). Les voix de l'économie : les résultats d'Edenred [Interview transcript]. Radio Classique. CEOInterviews.AI. https://ceointerviews.ai/interview/1156760/
MLA
Bertrand Dumazy. "Les voix de l'économie : les résultats d'Edenred." Radio Classique, 24 Feb. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/1156760/.
BibTeX
@misc{dumazy2026_1156760,
author = {Bertrand Dumazy},
title = {Les voix de l'économie : les résultats d'Edenred},
howpublished = {Interview transcript, Radio Classique. CEOInterviews.AI},
year = {2026},
month = {feb},
url = {https://ceointerviews.ai/interview/1156760/},
note = {Speaker-attributed transcript with timestamps}
}
